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Stocks cuts gains, Dow falters after Fed


    NEW YORK (Reuters) - Stocks cut gains further and the Dow turned negative on Wednesday after the Federal Reserve said the economy was likely to remain weak for a time and investors remained nervous over the threat of inflation.

    "The Fed is a little more downbeat than the market has been ... That they're emphasizing the weakness is a touch disappointing to me and to the markets," said Jim Awad, managing director at Zephyr Management in New York.

    The Dow Jones industrial average fell 31.36 points, or 0.38 percent, to 8,291.55. The Standard & Poor's 500 Index rose 4.07 points, or 0.45 percent, to 899.17. The Nasdaq Composite Index added 23.78 points, or 1.35 percent, to 1,788.70.

    (Reporting by Leah Schnurr and Ryan Vlastelica; Editing by Kenneth Barry)